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Lyapunov’s Methods in the Proof of Sustainability of Economic Models

Author: Aleksandr A. Pirozhok, postgraduate of Applied Mathematics Dept; Svetlana N. Petrova, Cand. Sc. of (Pedagogy), Assistant-Prof. of Applied Mathematics Dept.

Abstract: The paper looks at the issue of applying comparative method with Lyapunov’s function to economic models and presents the proof of the market’s tendency under a number of suitable conditions to a given function regardless of the initial conditions.

Key words: economic model; sustainability; price; market; Lyapunov’s function, Hicks’ condition; Walras method; Lyapunov’s methods; zero solution.